N338.94b generated as VAT in first quarter -NBS

The National Bureau of Statistics (NBS) has announced the total Value Added Tax generated in the first quarter (Q1) of 2020 was N338.94billion.

According to the executive summary of the report that the bureau posted on its website “the Sectorial distribution of Value Added Tax (VAT) data for Q1 2020 reflected that the sum of N338.94billion was generated as VAT in Q1 2020 as against N308.48billion generated in Q4 2019 and N293.04billion generated in Q1 2019.”

The report noted the VAT generation indicated an increase of 9.87 per cent  in Quarter-on-Quarter and 15.66 per cent increase Year-on-Year.

It explained that professional services generated the highest amount of VAtT with N38.30billion generated and closely followed by other manufacturing N37.37billion .

The report said commercial and trading generated N17.19billion while mining generated the least and closely followed by textile and garment industry and local government councils with N61.38million, N306.05million, and N319.04million generated respectively.

NBS said out of the total amount generated in Q1 2020, N172.67billion was generated as Non  Import VAT locally while N93.67billion was generated as Non-Import VAT for foreign.

The balance of N72.59billion, according to the report, was generated as  Nigeria Customs Service-Import VAT.

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